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Emirates NBD 2019 Annual Report

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Emirates NBD 2019 Annual Report ANNUAL REPORT 2019 REACHING NEW HEIGHTS Austria Germany Russia UK Turkey Egypt China KSA UAE Bahrain IndiaIndia Singapore IndonesiaIndonesia A REMARKABLE YEAR FOR GROWTH VISION H.H. Sheikh Khalifa Bin Zayed Al Nahyan H.H. Sheikh Mohammed Bin Rashid Al Maktoum “TO BE GLOBALLY RECOGNISED President of the United Arab Emirates Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai AS THE MOST VALUED FINANCIAL SERVICES PROVIDER BASED IN THE MIDDLE EAST” H.H. Sheikh Hamdan Bin Mohammed H.H. Sheikh Hamdan H.H. Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum Bin Rashid Al Maktoum Bin Rashid Al Maktoum Crown Prince of Dubai Deputy Ruler of Dubai Deputy Ruler of Dubai Minister of Finance ANNUAL REPORT 2019 EMIRATES NBD BOARD OF DIRECTORS H.H. Sheikh Ahmed Bin Saeed Al Maktoum Chairman Hesham Abdulla Al Qassim Buti Obaid Buti Al Mulla Mohamed Hadi Ahmed Al Hussaini Vice Chairman and Director Director Managing Director Hussain Hassan Mirza Al Sayegh Shoaib Mir Hashem Khoory Mohamed Hamad Obaid Al Shehi Director Director Director Ali Humaid Ali Al Owais Salem Mohammed Obaidalla Director Director 3 4 ANNUAL REPORT 2019 CONTENTS Chairman’s Message Vice Chairman and Managing Director’s Message Group CEO’s Message 07 - 18 Innovative Products and Services Economic Overview Strategy 2020 Review of Performance • Financial Overview • Retail Banking and Wealth Management - Overview - Distribution - Digital Innovation 19 - 25 - Customer Service - Personal Banking - Priority Banking - Business Banking - Private Banking and Wealth Management • Wholesale Banking - Corporate Banking - Financial Institutions Group 25 - 26 - Investment Banking - Transaction Banking Services - Al Watani Al Islami • Global Markets and Treasury • Emirates Islamic • Emirates NBD Egypt • DenizBank 27 - 35 • International • Information Technology and Operations - Tanfeeth • Group Human Resources • Group Risk Management 35 - 42 • Group Compliance The Board and its Committees Management Financial Highlights Awards and Accolades 43 - 60 Emirates NBD Branches and Contacts Emirates NBD Overseas Branches and Representative Offices Emirates NBD Overseas Subsidiaries Other Subsidiaries and Associate Contacts 5 6 ANNUAL REPORT 2019 CHAIRMAN'S MESSAGE As we begin a new decade and enter the highly anticipated year of 2020, we at Emirates NBD are eager to continue supporting the UAE’s growth story and helping realise the ambitious dreams of this great nation and its wise leadership. We expect Dubai’s economy to gain further momentum in 2020, with GDP expected to grow 3%, up from an estimated 2% in 2019, as Expo 2020 Dubai contributes to increased economic activity in the Emirate. 2020 has been designated as the year of preparation for the next 50 years of the UAE’s journey, following the 50th anniversary of the federation in 2021. The nation has made an incredible amount of progress over the past five decades. The UAE’s leaders, in fact, are aiming for 2020 to be a year in which great strides will be made in the economic, social, and developmental arenas. As always, Emirates NBD is committed to supporting the UAE government in achieving its ambitious goals. 2020 will see the kick-off of the much-awaited Expo 2020 Dubai, and as Official Banking Partner, Emirates NBD is looking forward to showcasing our many innovations in smart technology and digital banking through our site-wide presence as “Bank of the Future” at the event. In 2019, the Emirates NBD Group consistently made significant strides towards advancing its digital agenda under our AED 1 billion digital transformation programme. Our efforts to lead banking innovation and best practice ensured that the Bank continued to garner customer appreciation and international accolades in 2019 including ‘Bank of the Year – UAE 2019’ award by the Financial Times’ monthly publication, The Banker. We were also proud to rank among the top 20 in the Forbes’ third annual list of the World’s Best Regarded Companies, securing a leading spot among global brands. In line with the Vision of the UAE leadership, we continue to make Emirates NBD a true pan-regional organisation. The Bank celebrated many important milestones in 2019, including welcoming DenizBank to the Emirates NBD family, thus extending our footprint in the MENAT region. We raised the foreign ownership limit from 5% to 20% and we also offered our valued shareholders an exceptional opportunity to participate in a Rights Issue of AED 6.45 billion, as we remain key partners to the growth agenda and vision of our nation’s esteemed leadership. 2019 also saw Emirates NBD maintain its leading position on the Corporate Social Responsibility front, details of which are in our Sustainability Report. We spearheaded several programmes and initiatives, aligned with the pillars outlined within the UAE’s Year of Tolerance. As part of our commitment to building public awareness on safe banking practices, we were proud to partner with Dubai Police on the UAE-wide #SecureYourAccount campaign, aimed at raising public awareness and education on Cybersecurity. As we announce a record annual net profit of AED 14.5 billion for 2019, we maintain a positive outlook for H.H. SHEIKH AHMED BIN SAEED AL MAKTOUM growth and performance in the year ahead, confident of successfully leveraging opportunities and tackling challenges we encounter. Customer and community remain at the heart of Emirates NBD’s growth strategy, and CHAIRMAN we will continue to roll out strategic initiatives to deliver excellent products and services, while increasing EMIRATES NBD shareholder value. In conclusion, I would like to thank Emirates NBD Group’s Board of Directors, members of the Executive Committee and employees for their continuous contribution and efforts towards our success in 2019. I also wish to extend gratitude to our customers and shareholders for their continued support and trust. 7 8 ANNUAL REPORT 2019 VICE CHAIRMAN AND MANAGING DIRECTOR'S Emirates NBD delivered a strong performance in 2019, achieving a 44% year-on-year increase in net profit to AED 14.5 billion. Our balance sheet remains strong with healthy liquidity and stable credit quality. 2019 was a milestone year for Emirates NBD, as we completed a number of important strategic initiatives, including the completion of DenizBank’s acquisition in line with our aspirations to become a regional banking MESSAGE champion. The acquisition helped Emirates NBD expand its footprint to 13 countries, establishing the Bank’s positon as a leading Banking Group in the MENAT region servicing over 14 million customers. Emirates NBD also announced plans for further expansion in the Kingdom of Saudi Arabia (KSA), following approval from the Saudi Arabian Monetary Authority to open 20 additional branches in the Kingdom. KSA remains a key market for Emirates NBD, particularly as the UAE continues to strengthen long-standing strategic and economic ties with the Kingdom. The Bank’s strategy continues to have strong support from shareholders, emphasized by the positive response received for the increase in our foreign ownership limit and considerable oversubscription received for our historic Rights Issue. EmiratesNBD successfully divested its stake in Network International (a jointly controlled entity) through a successful completion of Network International’s IPO on the London Stock Exchange, which resulted in a gain of AED 4.4 billion in 2019 The Bank continued to make significant strides in advancing its digital agenda and leading innovation in the local and regional banking sector in 2019. It was recognised for its efforts with several prestigious industry awards, including being named ‘Most Innovative Financial Institution in the Middle East’ by Global Finance The Innovators 2019 Awards. Emirates NBD was also recognised as a digital banking leader at the Euromoney Awards for Excellence in 2019, winning ‘Best Digital Bank in the Middle East’ and ‘Best Bank in the United Arab Emirates.’ 2019 marked an important year of Emirates NBD’s ongoing AED 1 billion digital transformation. This initiative focuses on significantly enhancing the Bank’s end-to-end IT capabilities across IT architecture, operations, governance and security, while enabling comprehensive data management and agile delivery. The numerous strategic initiatives being delivered through the digital transformation have enabled several regional and global firsts for Emirates NBD. In keeping with our mission to deliver banking innovation to customers, we were the first in the region to launch a chat banking solution for customers via the WhatsApp Business Solution. Emirates NBD also introduced a new Voice Banking solution, in collaboration with Amazon Web Services. In closing, I would like to express my gratitude to our Chairman, His Highness Sheikh Ahmed bin Saeed Al Maktoum; the Board of Directors and the Senior Management Team, as well as the Emirates NBD staff for all their contributions and hard work as we conclude another successful year. HESHAM ABDULLA AL QASSIM VICE CHAIRMAN AND MANAGING DIRECTOR EMIRATES NBD 9 10 ANNUAL REPORT 2019 GROUP CEO'S MESSAGE Emirates NBD ended 2019 on a strong note as net profit increased by 44% to AED 14.5 billion. The Bank’s balance sheet remains healthy and the acquisition of DenizBank helped grow total assets by 37% to AED 683 billion. In line with our Board approved strategy to diversify Emirates NBD’s asset base and income sources outside of the UAE, DenizBank’s acquisition was a milestone achievement for the Group. It established Emirates NBD as a true pan-regional Bank and helped diversify our asset base and income profile to more than 25% from international operations. In addition, owing to the highly successful IPO of Network International and the subsequent disposals, Emirates NBD recorded a gain of AED 4.4 billion in 2019. This further strengthened our capital base to support future UAE and International business growth. We remained at the forefront of retail banking innovation during the year, launching new products, services, and initiatives aligned with our vision of making banking intuitive, accessible, and digital-first.
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